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House Bill 1480, a real estate tax hike bill, would allow counties to impose an additional 0.5% real estate excise tax (REET) on property sales to fund government-run affordable housing programs. This tax would be split between buyers and sellers, making homeownership and real estate transactions more expensive across the state.
More taxes, higher home prices: HB 1480 would pile on yet another tax at a time when housing affordability is already a crisis, adding to the cost of buying or selling a home.
Voter approval doesn’t guarantee fairness: While the tax requires voter approval before a county can impose it, the burden will fall disproportionately on homeowners and buyers—many of whom may not be able to afford these added costs.
Lack of accountability: The funds collected would be placed in a county-controlled housing account, distributed through government grants and loans with no clear measures of success or taxpayer protections.
Instead of adding new taxes on home sales, Washington should focus on reducing regulations and expanding private-sector housing solutions to increase affordability without burdening homeowners.
House Bill 1480, a real estate tax hike bill, would allow counties to impose an additional 0.5% real estate excise tax (REET) on property sales to fund government-run affordable housing programs. This tax would be split between buyers and sellers, making homeownership and real estate transactions more expensive across the state.
More taxes, higher home prices: HB 1480 would pile on yet another tax at a time when housing affordability is already a crisis, adding to the cost of buying or selling a home.
Voter approval doesn’t guarantee fairness: While the tax requires voter approval before a county can impose it, the burden will fall disproportionately on homeowners and buyers—many of whom may not be able to afford these added costs.
Lack of accountability: The funds collected would be placed in a county-controlled housing account, distributed through government grants and loans with no clear measures of success or taxpayer protections.
Instead of adding new taxes on home sales, Washington should focus on reducing regulations and expanding private-sector housing solutions to increase affordability without burdening homeowners.
